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Hold Kewal Kiran Clothing; target of Rs 1155: Sharekhan

Sharekhan recommended hold rating on Kewal Kiran Clothing with a target price of Rs 1155 in its research report dated October 23, 2019.

October 31, 2019 / 04:14 PM IST
 
 
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Sharekhan's research report on Kewal Kiran Clothing


Revenue grew 9.5% y-o-y, as volumes and realisations grew by ~4% each; flagship brand Killer saw revenues surge, while Lawman is yet to recover. Higher cost of goods sold, discounts and trade margins hit gross margins, which along with a rise in S&A expenses caused OPM to plummet; PAT wasn’t affected much by shift to Ind-AS 116. Management guided for high single-digit revenue growth and OPM of above 20% in FY2020; lower corporate tax rate to help earnings grow in double digits.


Outlook


We maintain our Hold rating with an unchanged price target (PT) of Rs. 1,155.


For all recommendations report, click here

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first published: Oct 31, 2019 04:14 pm
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